BILL NUMBER: S3697A
SPONSOR: SANDERS
 
TITLE OF BILL:
An act to amend the environmental conservation law and the state finance
law, in relation to reporting of climate-related financial risk and
establishing the climate-related financial risk disclosure fund
 
PURPOSE:
This bill requires certain businesses to provide annual climate-related
financial risk.
 
SUMMARY OF PROVISIONS:
* "Climate-related financial risk" means material risk of harm to "imme-
diate and long-term financial outcomes due to physical and transition
risks, including, but not limited to, risks to corporate operations,
provision of goods and services, supply chains, employee health and
safety, capital and financial investments, institutional investments,
financial standing of loan recipients and borrowers, shareholder value,
consumer demand, and financial markets and economic health.
* "Covered entity" means a corporation, partnership, limited liability
company, or other business entity formed under the laws of the state,
the laws of any other state of the United States or the District of
Columbia, or under an act of the Congress of the United States with
total annual revenues in excess of five hundred million United States
dollars ($500,000,000) and that does business in New York.
Applicability shall be determined based on the business entity's revenue
for the prior fiscal year. "Covered entity" does not include a business
entity that is subject to regulation by the department of financial
services, or that is in the business of insurance in any other state.
 
JUSTIFICATION:
To monitor climate risk to businesses in New York.
 
LEGISLATIVE HISTORY:
New bill
 
FISCAL IMPLICATIONS:
Assessment fees pay for implementation.
 
EFFECTIVE DATE:
Immediately